Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 355 - STATUTORY BAD DEBTS
Section 355.40 - Documentation
Universal Citation: 38 IL Admin Code ยง 355.40
Current through Register Vol. 47, No. 52, December 29, 2023
A bank must maintain in its files documentation to support its evaluation of the security for a debt (i.e. appraisal). In addition, a bank must maintain progress reports on its collection efforts, noting and explaining any deviation from the written plan for collection.
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